• US dollar rises further during the American session, not affected by lower yields.
  • EUR/USD testing support area of 1.1845/50.

The EUR/USD dropped further and reached at 1.1844, the lowest intraday level since early April. The pair quickly rose back above 1.1850; however, the euro remains under pressure, fighting to hold above the 1.1845/50 support. The US dollar strengthened across the board during the American session amid end-of-month flows.

The US dollar gained momentum even amid lower US yields and a rebound in Wall Street stock indices. The 10-year yield fell to the lowest since June 21 under 1.45%, while the Dow Jones is up by 0.45% and the Nasdaq is still in negative (-0.08%), but off lows.

The key economic report on Wednesday came in above expectations: the ADP employment report showed an increase in private payrolls of 692.000 (vs. 600K). On Thursday, jobless claims data is due, and on Friday, the NFP.

Comments from Fed’s Kaplan also helped the greenback during the US session. He said he is ready to taper sooner “because of questions about efficacy, side effects."

EUR/USD outlook

The pair is pushing to the 1.1845/50 support, and a consolidation below should leave the euro vulnerable to more losses. The next support stands at 1.1830/35 followed by 1.1795.  If the euro manages to hold above 1.1845 it should keep losses limited. A recovery above 1.1900/1.1910 would alleviate the bearish pressure.

Technical levels



Today last price 1.1848
Today Daily Change -0.0050
Today Daily Change % -0.42
Today daily open 1.1898
Daily SMA20 1.2043
Daily SMA50 1.2092
Daily SMA100 1.2027
Daily SMA200 1.1999
Previous Daily High 1.1931
Previous Daily Low 1.1878
Previous Weekly High 1.1975
Previous Weekly Low 1.1848
Previous Monthly High 1.2266
Previous Monthly Low 1.1986
Daily Fibonacci 38.2% 1.1898
Daily Fibonacci 61.8% 1.1911
Daily Pivot Point S1 1.1873
Daily Pivot Point S2 1.1849
Daily Pivot Point S3 1.182
Daily Pivot Point R1 1.1927
Daily Pivot Point R2 1.1955
Daily Pivot Point R3 1.198



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